CervoMed (NASDAQ:CRVO) Announces Earnings Results

CervoMed (NASDAQ:CRVO) posted its earnings results on Friday. The company reported ($0.64) EPS for the quarter, beating the consensus estimate of ($0.87) by $0.23, FiscalAI reports. CervoMed had a negative return on equity of 136.08% and a negative net margin of 672.80%.

CervoMed Stock Performance

Shares of NASDAQ:CRVO traded up $0.11 during trading on Friday, reaching $2.87. The stock had a trading volume of 194,034 shares, compared to its average volume of 506,983. CervoMed has a 52 week low of $2.13 and a 52 week high of $11.25. The firm’s fifty day moving average is $3.12 and its 200 day moving average is $3.88. The stock has a market cap of $38.83 million, a price-to-earnings ratio of -0.88 and a beta of -0.63.

Insiders Place Their Bets

In other news, Director Joshua S. Boger bought 955,414 shares of the company’s stock in a transaction that occurred on Thursday, June 11th. The shares were acquired at an average price of $3.14 per share, for a total transaction of $2,999,999.96. Following the completion of the acquisition, the director directly owned 1,795,865 shares in the company, valued at approximately $5,639,016.10. This represents a 113.68% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. 35.80% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On CervoMed

Several institutional investors and hedge funds have recently made changes to their positions in the business. Rhumbline Advisers grew its position in shares of CervoMed by 35.5% during the 1st quarter. Rhumbline Advisers now owns 5,830 shares of the company’s stock worth $53,000 after buying an additional 1,526 shares during the period. Marshall Wace LLP acquired a new position in shares of CervoMed during the 2nd quarter valued at $76,000. XTX Topco Ltd acquired a new position in shares of CervoMed during the 4th quarter valued at $81,000. Jane Street Group LLC acquired a new position in shares of CervoMed during the 4th quarter valued at $88,000. Finally, Dimensional Fund Advisors LP bought a new position in CervoMed during the fourth quarter worth $110,000. Institutional investors own 25.15% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. Weiss Ratings lowered shares of CervoMed from a “sell (d-)” rating to a “sell (e+)” rating in a report on Friday, July 31st. D. Boral Capital reissued a “buy” rating and set a $31.00 target price on shares of CervoMed in a report on Wednesday, April 22nd. Roth Capital set a $9.00 price target on shares of CervoMed in a research note on Monday, May 18th. Chardan Capital raised shares of CervoMed to a “strong-buy” rating in a research note on Monday. Finally, HC Wainwright reiterated a “buy” rating on shares of CervoMed in a report on Wednesday, July 15th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $21.50.

CervoMed Company Profile

CervoMed Inc, a biotechnology company, engages in the development and commercialization of treatments for age-related neurologic disorders. Its lead drug candidate is neflamapimod, an orally administered small molecule brain penetrant for the treatment of dementia with Lewy bodies (DLB), Alzheimer's diseases, frontotemporal dementia, and ischemic stroke recovery. The company also develops EIP200 for central nervous system which is in preclinical trials. CervoMed Inc was founded in 2010 and is headquartered in Boston, Massachusetts.